Problema Solution
Tori invested $8,000 in money market funds. Part was invested at 5% simple interest, and the rest was invested at 7% simple interest. At the end of 1 year, Tori had earned $496 in interest. How much did she invest in each fund?
Answer provided by our tutors
let $x invested in 5% fund and $y in 7%
x*5%+y*7%=496
x+y=8000
x*5%+(8000-x)7%=496
0.05x + 560 -0.07x=496
64=0.02x
x=3200
y=4800